Former Finance Minister Dr Mohammed Amin Adam has raised concerns about the governance structure surrounding the Bank of Ghana (BoG) and the Ghana Gold Board (GoldBod), calling for the removal of the BoG Governor, Dr Johnson Asiama, from the GoldBod Board.
The former Finance Minister made the call at a press briefing on Tuesday, September 1, where he questioned the appropriateness of the BoG Governor serving on the GoldBod Board while the central bank maintains a significant financial relationship with the institution.
Dr Amin Adam argued that the arrangement could create a potential conflict of interest and raise questions about the independence and accountability of the central bank.
He questioned the basis and terms of the financial transactions between the two institutions, particularly in view of the scale of the dealings.
“If a so-called independent institution and a government institution are to go into a deal amounting to GH¢133 billion, where is the agreement that defines that relationship? What are the terms?” he asked.
He also questioned whether the Bank of Ghana was sufficiently aware of the potential losses arising from GoldBod’s operations, given the central bank’s understanding of the prices at which gold was purchased and sold.
Dr Amin Adam said the concerns warranted changes to the governance arrangement between the two institutions, particularly where the BoG Governor’s position on the GoldBod Board could potentially compromise the appearance of independence.
“We are asking for the removal of the Governor of the Bank of Ghana from the Board of GoldBod because his institution has been funding GoldBod and he has been sitting on the board while GoldBod operations create losses for this country,” he said.
Beyond the composition of the GoldBod Board, Dr Amin Adam called for greater transparency over the institution’s financial operations.
He demanded the publication of the legislative instrument underpinning GoldBod’s fees, as well as the restated 2025 accounts that exclude the GH¢4.54 billion government capital injection from revenue.
According to him, access to the documents would enable the public and relevant institutions to properly assess GoldBod’s financial position and the basis for the figures being reported.
He also called for a full parliamentary inquiry into the reported losses, arguing that significant discrepancies exist among the financial figures presented by different institutions.
Dr Amin Adam pointed to the reported GH¢22 billion loss communicated to the International Monetary Fund, the GH¢9.05 billion loss reported by the Bank of Ghana and the GH¢5.45 billion surplus reported by GoldBod.
He said the differences required a comprehensive investigation to establish the actual financial position of GoldBod and determine how the reported losses or surplus had been calculated.
The former Finance Minister maintained that resolving the discrepancies and making the relevant financial documents public were necessary to strengthen confidence in the management of Ghana’s gold resources and public finances.
He therefore urged Parliament and other relevant authorities to subject the operations and financial relationship between GoldBod and the Bank of Ghana to closer scrutiny.
